coindesk.com
Pricing oracle network Pyth's token debuted at a market cap of $468 million on Monday after issuing an airdrop for 90,000 wallets.
The token is trading around $0.32 after rising as high as $0.51, according to CoinMarketCap.
Those eligible for the airdrop have 90 days to claim their $PYTH tokens, which will be used for on-chain governance votes.
The token initially has a circulating supply of 1.5 billion, with the remaining 85% of the total supply being locked for between six and 42 months. Two hundred fifty-five million tokens were allocated for the airdrop.
The Pyth Network currently has $1.5 billion in total value secured (TVS) across 120 protocols, making it the fourth-largest pricing oracle. Competitor Chainlink (LINK), in comparison, has $14.7 billion in TVS, according to DeFiLlama. Pyth gathers first-party pricing data from exchanges and institutional traders before sending that data to smart contracts.
"Today marks the launch of the Pyth Network’s permissionless mainnet, ushering in a new era of token-led governance for the protocol," Pyth developers wrote on the company's social media platform X's (formerly Twitter) page.
"Ecosystem participants can actively engage in Pyth Governance by locking their $PYTH Tokens in the Pyth staking program to cast votes on community governance proposals."
$PYTH is one of the anticipated airdrops of the year, it follows Celestia TIA which has increased in value by 230% since its release last month.